The 5 Stages of Wealth – Part 1
Ignore what all the gurus tell you about wealth equating to being a millionaire. The key to becoming wealthy is to readjust your mental attitude and personal behaviors to match what your needs are. For most people, understanding your needs is the first step towards wealth.
The reason why so many immigrants become successful is because they understand this at a deep, unconscious level. It is why a homeless waif can save more money than an executive.
Fundamentally, whether you’re poor or a billionaire, we all want and need the same things. Dr. Abraham Maslow introduced a theory about human needs in 1943. The basis of Maslow’s motivation theory is that human beings are motivated by unsatisfied needs, and that certain lower factors need to be satisfied before higher needs can be satisfied.
According to Maslow, there are general types of needs (physiological, survival, safety, love, and esteem) that must be satisfied before a person can act unselfishly. He called these needs “deficiency needs.” As long as we are motivated to satisfy these cravings, we are moving towards growth, toward self-actualization. Satisfying needs is healthy, while preventing gratification makes us sick or act evilly.
This is why I strongly recommend that you set a standard of luxury that truly means luxury to you. To stay on a focused path towards wealth, you need to channel your need for indulgence and luxury into something that is truly fulfilling and luxurious.
Here is Dr. Maslow’s levels of needs broken out.
Maslow's Hierarchy of Needs
Next, I’ll share what the fundamental needs are that affect our ability to build wealth.
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